WGU - D089 - Principles of Economics exam 2023 with 100% correct answers

Macroeconomics - correct answer A branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole Microeconomics - correct answer A branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms Scarcity - correct answer The basic economic problem; the gap between limited, scarce , resources and theoretically limitless wants Opportunity cost - correct answer The next best alternative that is given up when a choice is made Think at the margin - correct answer Thinking about what the next step or an additional action means for a person Marginal benefit - correct answer The incremental increase in the benefit to a consumer caused by the consumption of one additional unit of a good or service Principles of Economics #1 - correct answer Everyone faces trade-offs Principles of Economics #2 - correct answer The cost of something is determined by what you give up to get it Principles of Economics #3 - correct answer Rational people think at the margin Principles of Economics #4 - correct answer People respond to incentives Principles